AFRICA BANK RESCUE BREAKING…..South African depositors already being press-ganged into Bailin.
BY JOHN WARD
REPORTS REACH THE SLOG OF DEPOSIT CONFISCATION IN OTHER SA BANKS
Last Sunday, South Africa’s central bank placed African Bank Investments Ltd. under what it calls ‘curatorship”, scoping out ‘a plan’ to provide the doomed lender with nearly $1 billion in fresh capital. Most of the informed financial community already knows this. What they probably don’t know, however, is that the plan involves stealing the deposits of the country’s bank customers….and that the plan is already under way.
A South African Slogger has sent me this Facebook page capture:
Fitch Ratings said tonight, “We believe that the authorities may take confidence from their ability to impose losses on senior creditors of a small bank in an orderly fashion should a larger institution get into trouble in the future”. But the Facebook lady above is not a customer sorry, sorry creditor of Africa Bank, she is a depositor at ABSA bank…which is part of Barclays. Nevertheless, with a Zuma-za-zoooom, she’s been bailed in.
ABSA is one of five SA banks “underwriting” the salvation of ABIL – a bank whose lending policy made Northern Rock’s look positively conservative. It looks, however, as if the Big Five are blithely robbing customer to save wanker.
This is the future, folks. Doncha love it?